Earlier this week, Cuvva, an hourly insurance company that allows its users to purchase car and travel insurance by the hour, has raised £15 million for further expansion.
The startup since it’s inception in 2014 has sold 40 million hours of insurance to its 300,000 customers, according to its website.
According to Freddy Macnamara, the Founder, and CEO of the insurance startup, the Series A round of funding has attracted a good mix of investors.
RTP global Digital Horizon and Breega are the new investors in the startup. The current investors include LocalGlobe, Tekton, Seedcamp, and Techstars.
The angel investors in the startup are Dominic Burke, Jardine Cloys Thomspon and Faisal Galaria.
According to the company, vehicle owners can save a lot of money by using Cuvva. The company also cuts the use of middlemen such as brokers and users can buy hourly and monthly insurance by the click of a button using their application.
According to the company, young drivers between the age of 16 to 30 would more likely use the product.